-
作者：David, Guy; Markowitz, Sara; Richards-Shubik, Seth
作者单位：University of Pennsylvania; Emory University; Carnegie Mellon University
摘要：This paper analyzes the relationship between postmarketing promotional activity and reporting of adverse drug reactions (ADRs) by modeling the interaction between a regulator (the FDA) and a pharmaceutical firm. Promotion-driven market expansions enhance profitability yet may involve the risk of inappropriate drug prescriptions, leading to regulatory actions against the firm. We empirically test the relationship between drug promotion and reporting of ADRs using an innovative combination of co...
-
作者：Ludwig, Alexander; Reiter, Michael
作者单位：University of Cologne
摘要：We model the reaction of a PAYG pension system to demographic shocks. We compare the ex ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules. The model is calibrated to the German economy. We find that the German systetm comes relatively close to the second-best solution, and that the recent baby-boom/baby-bust cycle leads to welfare losses of about 5 percent of lifetime consumption far some cohorts. We argue that it is ...
-
作者：Stefanadis, Christodoulos
作者单位：University of Piraeus
摘要：In producer-friendly economies-economies that are ruled by productive agents and have strong property rights institutions-international trade causes an institutional improvement and an aggregate shift of talent towards production, and away from socially wasteful appropriation. However, in predator-friendly economies-economies that are ruled by rent seekers and have weak institutions-international trade leads to an institutional deterioration, and a more unfavorable talent allocation.
-
作者：Ju, Jiandong; Wei, Shang-Jin
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Tsinghua University; Columbia University
摘要：This paper proposes a simple model to study how domestic institutions affect patterns of international capital flows. Inefficient financial system, and poor corporate governance, may be bypassed by two-way capital flows in which domestic savings leave the country in the form of financial capital outflows but domestic investment takes place via inward FDI. While financial globalization always improves the welfare of a developed country with a good financial system, its effect is ambiguous for a...
-
作者：DellaVigna, Stefano; La Ferrara, Eliana
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Bocconi University
摘要：We propose a method to detect illegal arms trade based on investor knowledge. We focus on countries under arms embargo and identify events that suddenly increase or decrease conflict intensity If a weapon-making company is trading illegally, an event that increases the demand for arms may increase stock prices. We find positive event returns for companies headquartered in countries with high corruption and low transparency in arms trade. We also suggest a method to detect potential embargo vio...
